Soybeans are showing gains of 4 to 7 cents across the front months on Wednesday. Soymeal futures are up $7.10/ton in October. Soy Oil futures are down 45 points. There was 226 deliveries issued overnight against September futures, all being stopped by an SG Americas client. There were an additional 100 deliveries for soybean meal, stopped by a Stonex customer, with no deliveries for bean oil.
Crop Progress data from NASS indicated 94% of the US soybean crop was setting pods, with 13% dropping leaves as of September 1, 3 percentage points ahead of normal. Soybean condition ratings were down 2% to 65% good/excellent, with the Brugler500 index dropping 4 points to 365.
Census data showed July soybean exports at 1.495 MMT, a slight improvement from June and 17% above the last year’s July total. Meal shipments were down 3.5% from last year at 1.018 MMT.
Monthly Fats & Oils data showed better than expected soybean crush during July at 193.4 million bushels. That was the largest since March, 5.32% above June, and 4.66% above last year’s record. Bean oil stocks were down 5.5% from last month at 2.009 billion lbs, which was also a 7.3% decline from last year.
Brazil’s AgRural expects to see a 0.9% increase in soybean acreage out of the country this year to 114.66 million acres. Production is seen at 168 MMT.
Sep 24 Soybeans are at $10.01 1/2, up 4 1/2 cents,
Nearby Cash is at $9.56, up 7 1/4 cents,
Nov 24 Soybeans are at $10.19, up 7 cents,
Mar 25 Soybeans are at $10.51, up 7 cents,
New Crop Cash is at $9.56, up 7 1/4 cents,
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